KARACHI - Following promises to enhance bilateral trade during the four-day trade conference between commerce ministers of Pakistan and India, the two countries’ trade promotion organisations have signed a memorandum of understanding (MoU) to explore avenues for increasing mutual trade.
As per the MoU signed between the India Trade Promotion Organisation (ITPO) and Trade Development Authority of Pakistan (TDAP), the two countries have agreed upon 10 articles. According to the available copy of the MoU, the two parties under Article-1 have agreed to accelerate necessary efforts for promotion and development of trade links through i) exchange of information on each other’s area of activities, ii) conducting market research activities, iii) exploring bilateral promotion activities through trade fairs BSMs and other applicable promotional tools and iv) organising training programs and exchange of experts whenever feasible.
As per Article-2 of the MoU, the two parties will exchange regularly their publications, calendar of events organised by them in respective countries, and any other information which might enable an easier analysis of the correspondent market to evaluate the existing business while developing further trade links.
The two parties, as per Article-3, will cooperate in identifying and discussing areas of export/import potential and recommending participation in various events in each other’s events/activities.
Article-4 says that the two sides will encourage private sector business in their respective countries to participate in trade fairs, exhibitions and seminars in which products and services are featured. The two sides will also cooperate in organising training programs for each other’s officials/staff and exchange of experts to benefit from the experience of both the institutions in the field of trade promotion activities and techniques, Article-5 says. The two parties in the next article also agreed to mutually prepare and design an indicative program regarding cooperation activities between them through exchange of letters. Through article 7, for evaluating the implementation status of the understandings, the parties would also hold meetings in each other’s countries. As per the next article, neither will interfere with the rights and obligations of the parties arising from other international covenants to. In the 9th article, they agreed not to disclose or distribute any confidential information exchanged between them in relation to cooperate projects including confidential information provided by each other’s private sectors.